Independent research firm WorkBuzz recently completed a survey of over 100 business owners across the West Midlands who use a business coach. The results from respondents across industry sectors in the region show that a staggering 96% of business owners believe that business coaching makes a positive difference to their lives.
Recent data suggests 57.5% of small businesses in Warwickshire fail within the first five years 1. The pressures that local businesses face are again being amplified, this time by the cost-of-living crisis and the inevitable repercussions of rising prices. Therefore, in the current climate, smart business partnerships may be the difference between business failure and success.
Business Growth Specialist at ActionCOACH Warwick, Kevin Riley, who along with other business coaches gave access to his client base for the survey, said, “This survey highlights how business coaching can make a real difference to your business, no matter the size or sector of your offering. Professional sports people achieve incredible results with a coach, so why would you not use a coach to be the best in business?”
Lee Corden, Co-founder of Coventry-based Twentytwo Digital, found that business coaching made a huge difference to his company with it growing far beyond his expectations. “It’s safe to say, working with a business coach is a game changer for any business owner. Before working with a business coach, our business was at a point where we had steady growth year on year and the team size was increasing. However, we wanted more. Without having the sounding board of a business coach, we may have not succeeded with our ambitions. It paid off, and due to working with a coach, we’re on track to recruit 12 new staff members.”
The hospitality sector was heavily impacted by the pandemic, but even business owners in that sector have optimism going forward thanks to the support of a business coach.
“Business coaching allows you to get the most out of your time in work,” said Matt Crowther, Director of The Beer and Coffee Company. “As trade has picked up again, I have needed to work smarter to achieve my ambitious business goals. Implementing business coaching ideas to my team, such as accountability and responsibility has completely transformed the way my company operates.”
“When we can say 81% of business owners in some of the most hard-hit sectors* would recommend a business coach to a friend or associate, we know we’re doing an important job. With the continued disruption of the cost-of-living crisis, businesses will need to keep focused – business coaching is a way of accessing the expertise you may not already have at your fingertips or within your company to find a path for long-term growth,” added Kevin.
1Warwickshire GOV, State of Warwickshire Report, 2022
*Sectors included: retail, restaurant, travel, hospitality, hotels and entertainment